Li Auto (NASDAQ:LI) rallied in early trading on Friday after the Chinese electric vehicle stock was added to be a component of the Hang Seng Index. The development could be significant as the Hang Seng family of indexes was tracked by passively-managed funds with $57.6B of assets under management globally at the end of last year.
Li Auto (LI) will be a part of the Hang Seng index beginning on December 4.
Shares of Li Auto (LI) were up 4.99% to $40.81 during the premarket session vs. the 52-week trading range for the EV stock of $16.22 to $47.44. Li Auto (LI) has rallied more than 80% on a year-to-date basis. Short interest on Li Auto is down to 5.82% of the total float. The Seeking Alpha Quant Rating on Li Auto (LI) is at Strong Buy, and the quant score is the 3rd highest in the automobile manufacturing sector behind only Toyota (TM) and Subaru (OTCPK:FUJHY).